1-yr fixed rate bond soars straight into top 10 | Product News - Moneyfacts

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1-yr fixed rate bond soars straight into top 10

1-yr fixed rate bond soars straight into top 10

Category: Savings
Date: 25/11/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

FirstSave has unleashed two new one-year fixed rate bonds onto the market, one of which has made its presence felt in the Moneyfacts charts.

The basics…

FirstSave 1 Year Fixed Rate Bond 28th Issue is an internet-operated account that has a competitive rate of 1.85% per annum (1.83% monthly), which sees it sit comfortably among the top 10 of its sector.

Alternatively, a postal-operated version (FirstSave Postal 1 Year Fixed Rate Bond) is also available paying the same rate.

The finer details…

The 28th issue can be opened and operated online with a minimum deposit of £1,000 (or £5,000 if the monthly option is chosen). Like many fixed rate bonds, further additions and early access to funds is not permitted, so investors must be happy with the amount invested and the length of the term.

The postal account has a higher initial deposit requirement of at least £25,000, but like the other bond, it does not allow further additions or early access to funds.

Why we like them…

While both of these bonds boast competitive rates, the 28th issue requires a far smaller initial investment and also offers a monthly interest option, earning it a rightful place among the market-leaders of its sector. However, early access to funds and further additions are not possible, so savers must think carefully about the amount they invest and ensure that they are comfortable with the one-year term.

Four Moneyfacts Stars have been awarded.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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